The Aussie dollar is now losing the grip, sending AUD/USD to test the area of daily lows around 0.7530.
AUD/USD gains capped near 0.7600
After a brief adventure to the boundaries of 0.7600 the figure, the pair’s upside seems to have run of steam, prompting sellers to step in. A better tone in the high-beta currencies during early trade has motivated AUD to attempt a test of multi-month peaks at 0.7600, leaving behind disappointing releases in China over the weekend.
Of note in the upcoming sessions will be tomorrow’s RBA minutes and Thursday’s key labor market figures in Oz, while the FOMC meeting will be the main event of the week.
AUD/USD levels to watch
At the moment the pair is losing 0.28% at 0.7539 and a break below 0.7320 (20-day sma) would aim for 0.7247 (200-day sma) and finally 0.7173 (100-day sma). On the other hand, the next up barrier lines up at 0.7596 (high mar.14) followed by 0.7851 (monthly high Jun.18 2015) and then 0.7940 (monthly high Mar.24 2015).
(Market News Provided by FXstreet)